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(2) The earnings/loss per share and the weighted average number of shares, basic and diluted, have been adjusted retroactively for all periods presented to give effect to the bonus element of the shares associated with the rights offering which expired on June 15, 2012.
Euroseas Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars - except share amounts) December 31, December 31, 2011 2012 ------------ ------------ASSETSCurrent Assets: Cash and cash equivalents 31,204,863 33,374,960 Trade accounts receivable 1,370,886 1,425,171 Other receivables, net 2,324,131 2,310,111 Inventories 2,606,535 1,812,636 Due from related party 208,704 4,948,443 Restricted cash 870,111 926,011 Trading securities 27,473 - Prepaid expenses 264,884 273,080Total current assets 38,877,587 45,070,412Fixed assets: Vessels, net 237,063,878 206,934,746Long-term assets: Restricted cash 5,050,000 9,000,000 Deferred charges, net 454,559 318,578 Deferred assets 243,392 - Investment in joint venture 14,458,752 16,989,061Total long-term assets 257,270,581 233,242,385 ------------ ------------Total assets 296,148,168 278,312,797 ------------ ------------LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities: Long term debt, current portion 13,332,000 20,937,000 Trade accounts payable 1,886,766 2,438,716 Accrued expenses 1,659,594 1,143,626 Accrued dividends 47,525 36,424 Deferred revenue 2,268,038 1,093,317 Derivatives 1,907,088 1,718,438Total current liabilities 21,101,011 27,367,521Long-term liabilities: Long term debt, net of current portion 61,581,000 40,644,000 Derivatives 1,544,409 675,130Total long-term liabilities 63,125,409 41,319,130Total liabilities 84,226,420 68,686,651Shareholders' equity: Common stock (par value $0.03, 200,000,000 shares authorized, 31,167,211 and 45,319,605, 935,017 1,359,586 respectively, issued and outstanding) Preferred shares (par value $0.01, 20,000,000 shares authorized, no shares issued and outstanding) - - Additional paid-in capital 236,843,470 251,758,461 Accumulated deficit (25,856,739) (43,491,900)Total shareholders' equity 211,921,748 209,626,146 ------------ ------------Total liabilities and shareholders' equity 296,148,168 278,312,797 ------------ ------------ Euroseas Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) Year Ended Year Ended December 31, December 31, 2011 2012 ------------ ------------Cash flows from operating activities:Net income/(loss) 1,115,989 (13,198,741)Adjustments to reconcile net income/(loss) to net cash provided by operating activities:Depreciation of vessels 18,348,556 17,385,608Amortization of deferred charges 144,815 135,981Amortization of fair value of time charters (1,318,211) -Loss in investment in joint venture 2,415 1,219,692Share-based compensation 568,488 671,381Loss on sale of vessel - 8,568,234Unrealized loss/(gain) on derivatives, net 650,853 (1,057,929)Loss / (gain) on trading securities 235,750 (20,373)Proceeds from the sale of trading securities - 47,846Changes in operating assets and liabilities (2,430,982) (5,238,593)Net cash provided by operating activities 17,317,673 8,513,106Cash flows from investing activities:Proceeds from sale of a vessel - 4,250,843Contribution to joint venture - (3,750,000)Insurance proceeds 1,793,832 -Change in restricted cash 102,603 (4,005,900)Net cash provided by / (used in)investing activities 1,896,435 (3,505,057)Cash flows from financing activities:Dividends paid (8,442,371) (4,447,522)Offering expenses paid (148,392) (295,733)Loan arrangements fees paid (220,000) -Proceeds from shares issued - 15,237,303Repayment of long-term debt (13,472,000) (13,332,000)Net cash used in financing activities (22,282,763) (2,837,952)Net (decrease) / increase in cash and cash equivalents (3,068,655) 2,170,097Cash and cash equivalents at beginning of period 34,273,518 31,204,863Cash and cash equivalents at end of period 31,204,863 33,374,960 Euroseas Ltd. Reconciliation of Adjusted EBITDA to Net Income / (loss) and Cash Flow Provided By Operating Activities (All amounts expressed in U.S. Dollars) Three Three Months Months Ended Ended Year Ended Year Ended December December December December 31, 2011 31, 2012 31, 2011 31, 2012 ----------- ----------- ----------- -----------Net income / (loss) 1,104,346 (2,018,003) 1,115,989 (13,198,741) ----------- ----------- ----------- -----------Interest and finance costs, net (incl. interest income) 474,905 280,634 1,942,343 1,492,340 ----------- ----------- ----------- -----------Depreciation 4,587,139 4,283,094 18,348,556 17,385,608 ----------- ----------- ----------- -----------Net loss on sale of vessel - - - 8,568,234 ----------- ----------- ----------- -----------Loss on derivatives, net 1,293 1,262 1,498,122 637,403 ----------- ----------- ----------- -----------Amortization of the fair value of charters acquired - - (1,318,211) - ----------- ----------- ----------- -----------Adjusted EBITDA 6,167,683 2,546,987 21,586,799 14,884,844 =========== =========== =========== =========== Three Three Months Months Ended Ended Year Ended Year Ended December December December December 31, 2011 31, 2012 31, 2011 31, 2012 ----------- ----------- ----------- -----------Net cash flow provided by operating activities 6,989,625 2,097,348 17,317,673 8,513,106 ----------- ----------- ----------- -----------Changes in operating assets / liabilities (1,390,825) 372,697 2,430,982 5,238,593 ----------- ----------- ----------- -----------Loss on derivatives (realized) 296,068 424,771 847,270 1,695,331 ----------- ----------- ----------- -----------Proceeds from sale of trading securities, gain on trading securities and equity loss in joint venture (10,711) (443,281) (238,165) (1,247,165) ----------- ----------- ----------- -----------Share-based compensation (157,195) (153,650) (568,488) (671,381) ----------- ----------- ----------- -----------Interest, net 440,721 249,102 1,797,527 1,356,360 ----------- ----------- ----------- -----------Adjusted EBITDA 6,167,683 2,546,987 21,586,799 14,884,844 =========== =========== =========== ===========
